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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

A) mortgage fraud.
B) pricing discrepancies.
C) fair lending.
D) a forgetful borrower.

2. A couple purchasing a house does not have enough money in reserve to meet the underwriting guidelines for their loan. They are required to bring $10,000 to closing, and they will be $3,000 short unless they can find additional cash. The mortgage loan originator may assist the borrowers by taking which of the following actions?

A) Suggesting that the borrowers temporarily borrow money from a relative to deposit into their bank account until the loan closes
B) Editing the underwriter's copy of the purchase and sales agreement on the property to show a $3,000 contribution from the seller
C) Having the real estate agent deposit $3,000 into the borrowers' bank account to generate a deposit record and then withdrawing the money immediately
D) Asking the borrowers if they have any previously undisclosed additional cash assets that can be documented

3. Which of the following is a requirement for a mortgage loan originator (MLO) license?

A) Have never been convicted of a felony in a domestic, foreign or military court
B) Have not had an MLO license revoked in the last five years
C) Completed at least 10 hours of pre-licensing education
D) Are covered by either a net worth or surety bond or pay into a state fund as required by the state loan originator's supervisory authority

4. Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?

A) Offering or negotiating credit terms
B) Performing real estate brokerage activities
C) Taking an application
D) Assisting a consumer in applying for credit

5. According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

A) An unimproved lot
B) A six-unit apartment complex
C) A timeshare
D) An individual condominium unit

Solutions: